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ICI's chemical reaction pushes FTSE above 5,400 mark

The FTSE 100 has ended above the 5,400 mark for the first time in a month, ending 73.3 points, or 1.37%, higher at 5,431.9, after a batch of well-received trading figures calmed inflation concerns.

Chemicals group ICI jumped 19.25p, or 6.55%, to 313.25p to end as the highest mover after announcing forecast-beating earnings. It also said it had enjoyed good trading in relatively difficult conditions.

But Tate & Lyle was close behind ICI, as it jumped 28.75p, or 6.1%, to 499.75p, as traders reported buyers had scrambled to cover short positions as its first-half results came in above expectations.

Rentokil Initial was another strong gainer, as it climbed 6.75p, or 4.5%, to 156.75p, to end as the third highest mover, after it reported higher margins in the third quarter and said profit was falling less quickly during the period.

Drugs shares also gained after news that US pharmaceuticals company Merck was cleared of liability for the death of a person using painkiller Vioxx. GlaxoSmithKline rose 1.44% to 1482p, while AstraZeneca advanced 26p, or 1.02%, to 2575p.

Meanwhile Unilever, the maker of Dove soap, topped the loser board, as it fell 20p, or 3.45%, after investors reacted to news that it had failed to increase prices and its margins were down.

In the US stocks are on the rise for a fourth day in five as the Dow Jones Industrial Average has moved up 73 points, or 0.7% to 10545.73, after a government report showed higher-than-expected worker productivity and a drop in labour costs.

Technology shares have led the gain after Qualcommgave a forecast that beat estimates, while Merck helped after winning a court case regarding the painkiller Vioxx.

Government reports revealed productivity rose at an annual rate of 4.1% compared with a 2.1% increase in the previous three months, while labour costs dropped at a pace of 0.5%.

Qualcomm, the world's No. 2 maker of mobile-phone chips, has added $2.77, or 6.9%, to $43.15, after per-share profit will be between $0.36 and $0.38 on sales of $1.67bn to $1.77bn.

Merck hsa also gained $1.49 to $29.90, after a jury ruled the No. 3 US drugmaker isn't liable for an Idaho postal worker's heart attack. Pfizer, the world's biggest drugmaker, also added $0.42 to $22.02.

Prudential Financial, the second-largest US life insurer, is up $3.30 to $75.09 after it said third- quarter profit was $1.46 a share, beating estimates by $0.27.

Elsewhere Comcast has dropped $1.35 to $27.45, as the world's largest cable-television company said third-quarter net income rose less than 1% to $222m after the company lost 46,000 basic cable customers.